Top 5 Tips For Becoming a Landlord

March 5, 2018 by Raanan Katz

Top 5 Tips for Becoming a Landlord - raanan karz

With today’s housing market in a sharp decline, most people are finding that renting has become a better alternative for them. To take advantage of such a spike in the rental market, there are steps one can take to not only becoming a landlord but becoming a great landlord.

Know the law

If you are going to become a landlord, you absolutely must be aware of what the laws are specific to your state and how they affect you as a landlord. You need to know the laws regarding security deposits, how much notice to provide before entering a premises, and even what your rights as a landlord are. In addition to state specific laws, you’ll also have to be aware of laws that are put in place by the federal government. These laws mostly are concerned with fair housing and anti-discrimination laws.

Research your prospective tenants

This cannot be stressed enough. If you have prospective tenants applying for apartments, you will want to make sure that you’re picking responsible tenants who will pay their rent on time because, ultimately, this is a business (more on that later). A good rule of thumb when screening your prospective tenants is to focus on income levels, if there are any prior evictions, that they have good references, and that they generally have a clean background. By doing your research, you’ll have the best tenants possible residing in your unit(s) and can start the tenant-landlord relationship off on the right foot.

Respect is key

Once you’ve filled your unit(s) with tenants, you may find that you don’t “jive” with them on a personal level after all. No matter your personal feelings towards them after renting to them, if they prove that they are able to pay their rent in a timely manner, are decent tenants, and aren’t causing damage to your property, then you should afford them the same respect that you would desire they give to you. If there isn’t mutual respect in the tenant-landlord relationship, there will be disputes about small details that come along far too often and it could negatively affect future tenants if your current tenants pass on the “bad review”. Reputation always plays a factor into being a landlord. So, you want to ensure that your reputation isn’t tarnished but instead shines when prospective renters are searching for their next homes.

This is a business, not a hobby

All too often, the reason that most landlords fail is because they try to be the “cool” landlord who allows tenants to, essentially, do whatever they want. Landlords need to remember that this is their business. It’s not a fun hobby that they can pick up and drop whenever they want. There are property taxes involved as well as insurance for the unit(s), and obviously preparing the unit(s) for the tenants. Landlords invest a large sum of money into a property before they are able to even rent it out. You need to remember that, bottom line, you must have a return on your investment. Otherwise, you will always be in the red.

Forget about getting “rich quick”

As previously mentioned, being a landlord boils down to remembering that it is a business. If you’re expecting to make copious amounts of money rather quickly, you should perhaps select a different career journey to go on. There are always the upfront costs but there are also the costs of maintaining a unit or a building. There are plenty of strategies for investment available, you simply need to find the one that suits your needs and your resources.

Becoming a landlord is not necessarily a difficult thing to do. It just takes a good investment strategy, a firm understanding about rental laws in your state and at the federal level and, most of all, patience. Be patient with your tenants when they have requests regarding their unit(s). Be patient and know that you may not have a large return in your first year. Lastly, be patient with yourself and trust that, after all your research and preparation, you can succeed at becoming a great landlord.

Misconceptions About Working in the Real Estate Industry

September 7, 2017 by Raanan Katz

The real estate industry is one of those industries where there is a lot of potential to be very successful and make a great living. However, there are many misconceptions about working in this field for a variety of reasons. One reason could be that the whole process of buying and selling a home can seem complicated and somewhat of a mystery to those who unfamiliar with it. There’s also the way agents are depicted on television which is typically meant for entertainment but at the same time gives off the wrong impression about the job as a whole. To clear things up a bit, here are some of the misconceptions about working in the real estate industry.

This job is easy

This is a very common misconception out there as most people see the job as simply showing people houses or apartments and then selling them. However, there is so much more work put into it that the job almost seems a bit undervalued. Some of the daily challenges that agents face are marketing “not so marketable” properties, managing a huge client database and supervising heated negotiations, and this is all on top of the stress that comes from a commission-based income in a pretty unstable market.

You will make a lot of money

This is another common misconception with the job, and while it is true that the earning potential is great, sadly it is not the case for everyone. One has to realize that the average commission is six percent of the total sale price and then that commission is split between both the buyer and seller’s agent and then they each must split that with their brokers. On top of that, most agents are essentially working for free until that payout. So before they receive that big payout in the end, they would have already been working for months without a regular paycheck.

You will have a pretty flexible schedule

While it is true that most agents are not required to work the typical 9-5 schedule Monday through Friday, that doesn’t mean that they can simply abandon their office at will, or go on vacation at a moment’s notice. You have to remember that you are working with your clients and sometimes will have to cater to their schedules as well. You will have buyers who are constantly wanting an immediate showing of a new listing and then there will be sellers who want you constantly monitor leads. So while it is true you can choose how flexible you want to be, you have to take into consideration the needs of your clients and be available when necessary.

Ways to Prepare Your Home For An Appraisal

September 7, 2017 by Raanan Katz

Hot weather conditions, such as it is in Florida, can lead to faster deterioration of housing and the foundations they sit on. Heat causes ground shrinkage that can split concrete and unsettle the foundation, not to mention the wear and tear on air conditioning units from overuse. Fortunately, there are ways of delaying long-term damage particularly if a person is having a home appraisal done. Home appraisals are required in order to sell or even refinance for that matter. With that being said, it is essential to prepare your home ahead of time. Expert appraisers will tell you that there are a few things one can do to maximize the value of a home.

One of the first things to consider is finding an appraiser that’s been in the industry for a long time, has a good comprehension of the territory and is state certified. An appraiser with these attributes will be able to better detect market trends and changes. Curb appeal is also a significant factor in attaining home worth. Clean up any clutter, trash, weeds and any dead or browning plants. You want the yard to be as green and vibrant as possible. Cutting the grass right before is a great trick as it will not only be more pleasing to the eye but also have that just cut smell. Nice landscaping will lead to a positive and significant lasting impression.

Another great tip is to make sure all appliances, doors, doorknobs, windows, screens, carpet, light switches and fixtures, plumbing and other items are in good working condition. This should be done even if you have to hire a service repairman. It is worth the effort to fix any chipped or peeling paint. Leaky faucets should also be repaired. Damaged items will dramatically devalue your property because the appraiser will compare it to houses that are actually more aged than yours is. Having a list of repairs and replacements you have made throughout the years is helpful. List the costs next to the repair or have receipts attached. Provide the appraiser with any land surveys as well.

Ensure all areas of the home are accessible especially the attic and crawl spaces. Property value is determined through a complex analysis of information including size, condition, comparable sales of other homes in the area, location and how close the home is to vendors and other resources. Appraisers are generally unbiased, but it can’t hurt to make their visit a pleasant one. The temperature of your house should be comfortable, all pets should be secure, and the house should be clean and organized. Performing these tasks ahead of time will increase your chances of a higher home assessment value.

Natural Sights to Visit in Florida

April 19, 2017 by Raanan Katz

There’s no denying that Florida is filled with nightlife and excitement, but there’s a different side to the this area that few rarely think about: the natural sights of Florida. Florida offers tourists and residents the chance to take in the beautiful wildlife and plant life that is unique to the area. The following places are not necessarily sought after by tourists, but they do offer visitors the chance to get in touch with nature.

The Florida Keys

Located at the tip of Florida, the Florida Keys are on many people’s checklist when it comes to visiting the area, and it’s no surprise why. The 120 mile stretch of the Florida Keys offer crystal clear waters, a chance to see sea life like manatees and dolphins. Take a swim or, f you’re feeling adventurous, try snorkeling in the water to truly experience the serene setting.

Timucuan Ecological & Historic Preserve

Located in Jacksonville, the Timucuan Ecological and Historic Preserve gives visitors a history lesson in addition to a beautiful area to look at. Before Europeans came to America, this area was ruled by Timucuan Native Americans and for 6,000 years this area was preoccupied. Learn the ways that humans were able to take advantage of the land throughout the centuries and what species of animals also live in the area.

Gulf Islands National Seashore

The Gulf Islands National Seashore stretches across the beaches of Mississippi and Florida, with many different spots along the way to visit. Along the shores, you can take in the natural beaches, hiking areas, wildlife, and even historic sites. For example, the Fort Pickens Area is home to Fort Pickens, one of 4 forts that were built to defend the nation. It was used throughout the Civil War and was even modernized years following the war. Tours are available daily on the fort.

The Everglades

The American Everglades is a huge reserve in the south of Florida that covers 1.5 million miles. Within the reserve lives hundreds of species of protected wildlife, hiking, canoeing, and events throughout the year. Be a part of a tour group and learn about the endangered species that live in the area, or learn about the effects of climate change and unique ecosystems that thrive in the Everglades.

Computer Algorithm Designs Perfect Prefab Houses

April 3, 2017 by Raanan Katz

Let’s say you want to build a new house or a building for your backyard. Where would you start? Building a house from the ground up takes months of planning, and insight from architects, building planners, and your local government for zoning permits. There’s no denying that the process of building a home or structure is a large task from start to finish, which is why many people opt to purchase a home that is already built, but what if the process was made infinitely simpler?

A startup company in Los Angeles called Cover has been taking the headache out of home building, allowing a computer algorithm to design a prefabricated home or structure, based on your specifications. Prefab buildings typically come with a few different layouts, depending on the company, and you have the opportunity to tweak and adjust certain aspects of the design based on you and your family’s needs. Instead of looking at layouts, Cover sends a questionnaire to their prospective clients, asking both basic and specific questions about what they’re looking for in their home, what appliances are essential to have, and how many people are expected to be in a room at any given time. The computer then takes this information that is provided and comes up with the best possible layout for their home.

The best thing about working with Cover is the fact that they take on all of the work once you hire them. They get the building permits, provide the design, and install it on your property. This guesswork of working with different contractors, designers, and architects is completely eliminated from the equation.

Right now, Cover specializes in outdoor structures that would be used in addition to the client’s current home, like guest houses and pool houses, however, they are able to create prefab homes on any property.
Their design is generally pretty modern. The homes have clean lines and are easy to maneuver and has interesting storage capabilities. At this time, the average price for a single guest room is $70,000, around $130,000 for a studio with a kitchenette, $160,000 for a one-bedroom and $250,000 for a two-bedroom structure. For those that are looking to add on to their property or create a whole new home, Cover offers a unique choice that takes the guesswork out of homebuilding.

What You Need to Know Before Moving to Florida

March 16, 2017 by Raanan Katz

To many people, moving to Florida would be a dream come true. Harsh winters and expensive costs of northern large cities can make those in the north look to the south for better options. It could be a great move, depending on what you’re looking for, but there are things to consider before making the big move to Florida.

There are Distinct Areas

In Florida, there are distinct areas of Florida: Northern, Central, and Southern Florida. Each section has its own sense of culture and there are distinct features for each area. For example, there is a huge difference between living in Miami and living in Fort Lauderdale. My advice is to research each area and, if possible, visit each area so that you have a good idea of what kind of place you’ll be moving to. Some areas are busier than others, and some may have more employment opportunities than others. Within each of the areas in Florida, there are even more distinct cultural areas within them. For example, within Miami, there are many distinct districts, each having their own unique personalities.

Cost of Living

Compared to the majority of the United States, the cost of living in Florida is in line with other parts of the country. According to cost of living, the state of Florida comes in 99 out of the 100 national index and living expenses and cost of goods is in line with the national average. However, the cost of living in different areas of Florida can be drastically different. The average rent amount for a one bedroom apartment in Miami is $2025, however in Gainesville, the average drops dramatically to $955 per month. Do your research before the move to see how your current location compares to your new destination in Florida by visiting the Cost of Living Calculator on Nerdwallet’s website.

Tourism Capital

It’s no surprise that Florida brings the tourists. With Disney World, Universal Studios, and the beautiful Florida beaches on every shoreline, Florida is definitely a tourist destination. Florida cities like Tampa and Miami are regularly visited by tourists, specifically spring break students. If you’re planning on living in one of Florida’s tourist cities, just know that the traffic is probably going to be difficult to navigate at times and it could get busy during the months of major tourism.

Neighborhoods of Miami

February 24, 2017 by Raanan Katz

Miami is home to many unique and interesting neighborhoods and each one has its own personality. Some areas are better for families while others are great for college students and young adults who enjoy the nightlife. Miami offers a wide variety of different vibes from calm and tranquil areas to active business districts. No matter what you’re looking for in a neighborhood, Miami is sure to have a spot for you.

South Beach

I have mentioned South Beach many times in my articles because it has so many interesting Art Deco designed buildings in it. It’s a great place for active young adults that want a neighborhood that feels alive all the time. If you are a lover of the beach, Miami is always going to be a great place to live, but South Beach is the best location to get the most of living close to the ocean. For those with families, South Beach might not be the best option because there’s little room to move around because it is so crowded, but for those looking for a great nightlife spot and gorgeous places to walk, check out this neighborhood.

Coral Gables

If you’d rather have more room to move around then Coral Gables is a great spot to look. This area is more residential than South Beach but is just as beautiful. They have a great art culture, offering events every first Friday of the month. According to the website for the city of Coral Gables, this area has 11 places that are listed on the National Register of Historic Places. For families, Coral Gables seems like the perfect place to live with it’s great selection of private and public schools, as well as lovely gardens and interesting museums for the whole family.

Brickell

This neighborhood has seen tremendous growth in recent years and has become one of the up and coming areas of Miami. Located in the Financial District, Brickell is easy to navigate with readily available transportation options to other parts of Miami and is easily walkable. This neighborhood is a great choice for young professionals that want to be close to their jobs downtown and also have sophisticated shopping areas and an array of restaurants to pick from each night.

Skyscrapers to Change Miami’s Skyline

January 31, 2017 by Raanan Katz

At present time, the Four Seasons Hotel is the tallest building in all of Florida at 789 feet high, and until recently no other buildings were allowed to be taller than it because of regulations with the Federal Aviation Administration (FAA). According to the FAA, skyscrapers could not be taller than 800 feet but have recently lifted this ban in May of 2015 and plans for new tall buildings have been popping up. In this race to the top new construction plans are underway and the skyline of Miami will soon look very differently.

One Bayfront Plaza

One of the most impressive future skyscrapers, One Bayfront Plaza, is currently being constructed and is going to be the tallest building in the southeastern United States. Upon completion, the building will stand 1,005 tall and have a plethora of amenities within the space including offices, a hotel, a mall, and condominiums. Florida East Coast Realty is in charge of constructing the 80 floor skyscraper will dwarf the rest of the buildings in the Miami skyline. The plans are just below the FAA’s new height regulation that is put in place for the safety of aircrafts flying over the city.

Echo Brickell

Another skyscraper approved for construction is the Echo Brickell, which is expected to be completed sometime this year. The Echo Brickell building is located in Brickell, the financial hub of Miami, close to downtown and easily navigable to other parts of Miami. This building will be the home to professionals of Miami who want to experience the ultimate in luxurious living. These penthouses will not only offer exceptional views of the ocean and downtown, they are equipped with the best technology available.

SkyRise Miami

Another skyscraper currently under construction is the SkyRise Miami Observation tower. Located in Biscayne Bay, this skyscraper will be a major entertainment attraction for tourists and residents alike. Daredevils will be able to bungee jump inside the tower or ride a free fall ride called SkyDrop. They are also planning on having this tower be a shopping destination with a variety of dining options and live music.

Celebrities That Own Real Estate in Miami

January 19, 2017 by Raanan Katz

The Miami area is home to beautiful sunsets, a lively nightlife, and miles of gorgeous beaches. It’s no wonder that because there are so many excellent parts of Miami there are also many celebrities that flock to this area. Unlike most of the country, Miami hosts mild winters and warm ocean water almost all year round. The following celebrities own real estate in Miami and they enjoy the many perks to living in this area.

Anna Kournikova

This former world-renowned professional tennis player originally lived in Russia until her and her family emigrated to the United States. Back in 1998, Anna played in Miami at a tournament, creating a name for herself in the tennis world. She now lives with musician, Enrique Iglesias in the beautiful bay area of Miami.

Julia Roberts

The Pretty Woman star owns real estate around the world, and Miami is no exception. Julia Roberts is a resident of Fisher Island, Florida. Fisher Island is a barrier island that is a part of the Miami metropolitan area.

Barry Gibb

This 1970’s singer from the Bee Gees has lived in Miami for years in his mansion that is estimated to be worth $4 million. Barry also lives at Nashville when he’s not living it up in Miami.

Phil Collins

In 2015, Phil Collins bought a mansion neighboring Barry Gibb’s residence. The musician bought his $33 million dollar home that had originally belonged to other singer, Jennifer Lopez. The home was originally built in 1929 but has had major renovations since then.

Michael Bay

Film Director, Michael Bay, bought Hulk Hogan’s former residence that is perched high above the Intercoastal Waterway. When Michael originally bought this home, he asked the architect that designed the mansion for help with designing the interior. Michael took on huge renovation projects to create a space of his own.

More Miami Luxury Real Estate: Aston Martin and The WorldCenter

November 1, 2016 by Raanan Katz

Miami has long been known as a prime market for luxury real estate. Despite the most recent turmoil in the city’s luxury market, the general trend is an increase in Miami real estate valuations. This is by in large due to the market’s adapatation to a new wave of buyers. Two new additions to the skyline are set to make their appearance in the coming years. Here’s a look at them.

The Aston Martin Residences

Aston Martin designs cars and yachts, did you know that they are also in the architecture game?

In 2014, the Coto family of Argentina purchased a small site of land off of the Miami River. At the time and still to this day, the land is regarded as the highest price per sq. ft. of undeveloped land in South Florida. Now on that land a new luxury property is set to be built; one that will join the ranks of Porsche, Armani, Fendi, and Missoni-backed properties in the city; one that will be built in partnership with Aston Martin.

You might know of Aston Martin as the producer of James Bond’s cars in every Bond movie since Goldfinger or maybe you already own one yourself? In partnership with Coto, Aston Martin will be building the Aston Martin Residences—a 66-story condo tower replete with fitness centers, multiple lobbies, and a spa. It’s part of the companies initiative to be present “in all of the cities where it’s important to be,” says Katia Bassi, vice president of the company.

Signifying the city’s inextricable ties to the ocean, the skyscraper’s sail-shaped form was conceived by local firm Revuelta Architecture in collaboration with Argentina-based Bodas Miani Anger.

via Forbse.com

The Coto family, the Argentinian backer of the project is banking on three things working in the developments favor: brand appeal, an excellent location right on the Miami River and Biscayne Bay, and the ability of the Coto family to finance the project without a construction loan.

Although pricing is yet to be determined, buyers should expect roughly $1,000 per sq. ft., in line with Miami’s most competitive luxury real estate properties. Sales are set to start in March of 2016 and construction is to commence shortly thereafter, with a completion date set for 2021. The hope is that by that time, the luxury climate will again return to a setting that is favorable for investors.

Where other big local developers like the Related Group and Alan Frena have opted to delay luxury development amidst the untoward state of the market, the Cotos and Aston Martin are braving forward with what may very well be a new staple to the Miami skyline. And it looks like they won’t be the only new addition.

Miami WorldCenter

Little more than a year ago, an expanse of abandoned warehouses dotted Miami’s Northside. Recently, the foundation was poured for Paramount Miami Worldcenter, one of several large structures that will make up America’s second-biggest urban development. The Paramount Miami Worldcenter will clock in at $500 million, 700 ft. tall, and will host 60 floors of residential real estate. Alongside the Paramount will be an expanding array of residential, dining, entertainment, hotel, convention center, and transportation structures—all of which will be contained within a six-block retail and residential promenade. Additionally, the center will serve as the epicenter of the MetroMover and MetroRail elevated transit systems.

via ParamountMiami.com

The Paramount Miami Worldcenter will offer 512 units with 10-foot ceilings and outdoor “living room-style” terraces. Penthouses start at $4 million and one-room residences start at $700,000.

Art Falcone and Nitin Motwani are the Founding and Managing Principals of the project, respectively. They will be partner with The Forbes Company and Taubman for retail development, MDM Group for Convention Development, and Elkus Manfredi Architects for Master Planning. This impressive entourage aims to make something that will truly revolutionize what it means to be in downtown Miami.

One feature that will set the Paramount Miami Worldcenter apart is its private amenity deck—planned to be the largest in the world—that will be located 90 ft. above street level. On the deck, residents will be able to access pools, bungalows, tennis courts, soccer fields, and more. Then, on the 60th floor, residents can visit an astronomy observatory and a plunge pool from which they can take in panoramic views of the Miami and its environs. This level of verticality, of capitalizing on the sky will be a huge game-changer in Miami real estate and luxury real estate as a whole.

Thanks for reading.